NiSource Swings to Full-Year Profit
Merrillville-based NiSource Inc. (NYSE: NI) is reporting full-year net income of $530 million, compared to a loss of $72.7 million in 2020. Lloyd Yates, who became president and chief executive officer earlier this month, says the utility’s electric generation transition is expected to drive growth by the end of the year.
The company says progress continues on several lower-cost, reliable and more sustainable forms of generation. Indiana Crossroads I, a 302-megawatt wind project, entered service in December, and four more renewable energy projects are expected to be in service by the end of 2022.
“NiSource has made strong progress across the business, delivering results that exceeded expectations,” said Yates. “As I step into the role of President and CEO, I expect to build on this strong foundation. The advancement of the electric generation transition and successful regulatory and rate case execution in several states further enhances our runway of investment opportunities, and they are expected to drive industry-leading compound annual growth of 7 to 9% in diluted net operating earnings per share through 2024.”
NiSource is also is reporting fourth quarter net income of $152 million, compared to $70.7 million during the same period in 2020.
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